The Regenerative Medicine market is segmented based on therapy types such as cell therapy, gene therapy, tissue engineering, and others. By application, the market is classified into orthopedic & musculoskeletal, cardiovascular, oncology, dermatology, neurology, ophthalmology, hematology & immunology, diabetes, esophagus, dental, and others. In this report, regenerative medicine market is segmented by therapy, by product, by material, by application and by geographic regions. The Regenerative Medicine market generated a revenue of $26.8 billion in 2017 and is estimated to exceed $94.12 billion by 2023, growing at an estimated CAGR of 23.36%.Regenerative Medicine Market Outlook
The recent advent in utilization of nanomaterials in wound care, drug delivery, and immunomodulation has opened major growth paths for the regenerative medicine market. There is a lot of potential scope in gene therapy, as it is going to witness better acceptance in research owing to the advances in gene sequencing and editing technology. Regenerative medicine by cell therapy accounted for 57% of the total market share in 2017, followed by tissue engineering accounting for 24%.
The Regenerative Medicine market with respect orthopedic and musculoskeletal was valued at $11.4 billion in 2017 and is estimated to reach $38.19 billion by 2023, expected to grow at a CAGR of 22.26% during the forecast period. The global regenerative medicine industry is estimated to witness significant growth in the coming years, owing to the rising demands from developing regions and increasing chronic diseases and trauma emergencies, development of stem cell technology, progress in monitoring devices and surgical technologies, available potential of nanotechnology, and the shortage of organs for transplantation.Regenerative Medicine Market Growth Drivers
One of the major drivers of regenerative medicine market is the growing innovations in biomaterials, nanotechnology, drug delivery, and cell therapies. Introduction of CRISPR and Cas gene technology that would accelerate the speed and improve the efficacy of gene-related research is expected to encourage the use of gene therapy in the treatment of genetic, metabolic, and degenerative disorders.
Regenerative medicine enables the scientists to grow tissues and organs in the laboratory, so as to safely implant them when required by a recipient. Importantly, regenerative medicine has the potential to solve the problem of the shortage of organs available through donation compared to the number of patients that require life-saving organ transplantation, and also the shortage created due to a large number of organ failures at the last stage. Thus, continual demand for a number of organs due to last stage organ failure and the growing frequency of chronic diseases, genetic disorders, and injuries drives the market. Asia-Pacific is the fastest growing market for regenerative medicine during 2018–2023 with an estimated CAGR of 27.28%.Regenerative Medicine Market Challenges
Developing countries with higher prevalence of chronic diseases, genetic diseases, and aging population, where there is a higher requirement for organs and biomaterials for tissue regeneration have low awareness of the advancements in regenerative medicine, which is also due to low healthcare expenditure in the countries. This is one of the major challenges for the Regenerative Medicine market. High treatment cost and operational inefficiency of regenerative medicine are the key factors affecting the market and the same situation is also expected to arise for healthcare systems when it comes to refunding the cost of stem-cell and gene therapies.
The production of skin grafts from stem cells is still a highly specialized procedure and hence very costly. This will also pose a major constraint to the market. Limited growth in gene therapy and Genetically Modified (GM) cell therapy is also attributive to stringent regulatory restrictions pertaining to the use of regenerative medicine technology. Hence, ethical issues pertaining to stem cell, tissue engineering, and regenerative medicine will act as a restraint for the Regenerative Medicine market. Regenerative Medicine Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Regenerative Medicine market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of therapy, product and application of regenerative medicine.Regenerative Medicine Market Report: Industry Coverage Regenerative Medicine Market – By Therapy:
Cell Therapy, Gene Therapy, Tissue Engineering and OthersRegenerative Medicine Market – By Product:
Cell Based Products and Acellular ProductsRegenerative Medicine Market – By Material:
Synthetic Material, Biologically Derived Material, Genetically Engineered Material and PharmaceuticalRegenerative Medicine Market – By Application:
Orthopedic & Musculoskeletal, Cardiovascular, Oncology, Dermatology, Neurology, Ophthalmology, Hematology & Immunology, Diabetes, Esophagus, Dental and Others
The Regenerative Medicine market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
Regenerative Medicine Market Key Players
- North America: The U.S., Canada, Mexico
- South America: Brazil, Chile, Argentina and the Rest of South America
- Europe: The U.K., Germany, Italy, France, Russia, Spain and the Rest of Europe
- Asia-Pacific: China, Australia, Japan, South Korea, India and the Rest of Asia-Pacific
- Rest of the World (RoW): The Middle East and Africa
Some of the key players mentioned in this market research report include Vertex Pharmaceuticals Inc. (U.S.), Medtronic Plc (Ireland), NuVasive, Inc. (U.S.), Integra LifeSciences Holdings Corporation (U.S.), Smith & Nephew Plc (U.K.), Mesoblast Ltd. (Australia), Vericel Corporation (U.S.), Athersys, Inc. (U.S.), Exactech, Inc. (U.S.) and Japan Tissue Engineering Co., Ltd. (Japan).Regenerative Medicine Market Trends
- The growing need of regenerative medicine in organ transplantation and the growing opportunities of novel stem cell technologies is the major trend of regenerative medicine market.
- Increasing economic variance and increasing priority for improvement of health in the developing countries boost the regenerative medicine market in the emerging countries.
- Innovations in biomaterials, nanotechnology, drug delivery, and cell therapies are used for organ and tissue loss through disease and injury.